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Resolution, Agreement, and Appropriation Adjustment — <br />Tax Allocation Bonds, 2011 Series A <br />October 4, 2016 <br />Page 3 <br />the 2011 Series A bond proceeds to the City, pending final review of the bond expenditure <br />agreement between the City and the Successor Agency approved by the Oversight Board. <br />Upon the City Council and Successor Agency Board's approval of the recommended actions, the <br />bond proceeds expenditure agreement will be submitted to the Oversight Board for approval on <br />October 11, 2016. The City plans to expend the bond proceeds to construct public parking and <br />infrastructure improvements within the former Agency's Merged Project Area, in compliance with <br />the bond covenants (Exhibit B of Exhibits 1 & 2). <br />STRATEGIC PLAN ALIGNMENT <br />Approval of this item assists the City in meeting Goal #4 — City Financial Stability, Objective #1 <br />(Maintain a stable, efficient and transparent financial environment); Goal #6 — Community <br />Facilities & Infrastructure, Objective #1 (Establish and maintain a Community Investment Plan for <br />all City assets), Strategy G (develop and implement the City's Capital Improvement Program in <br />coordination with the Community Investment and Deferred Maintenance Plans (e.g. transit <br />vision, street car, fixed guideway project, SARTC master plan, Bristol Street widening, <br />neighborhood streets, traffic improvements, park facilities, sport fields, soccer fields, senior <br />centers, bike master plan, etc.). <br />FISCAL IMPACT <br />Approval of the appropriation adjustment will recognize $260,695 in the Successor Agency's <br />2011 Series A Bonds prior year carry forward account (no. 65418002- 50001) and appropriate <br />same to the expenditure account (no. 65418020 - 69142). The appropriation adjustment will also <br />recognize $260,695 in the Parking Fund in revenue account (no. 02710002 - 59899) and <br />appropriate same to expenditure account (no. 02710132 - 66200) for anticipated expenditure in <br />FY 2016 -17. <br />Robert Cortez <br />Deputy City Manager <br />City Manager's Office <br />SG /sb <br />APPROVED AS TO FUNDS AND ACCOUNTS: <br />Francisco Gutierrez <br />Executive Director <br />Finance and Management Services Agency <br />Exhibits: 1. City Council Resolution (with Bond Spending Plan) <br />2. Successor Agency Resolution (with Bond Spending Plan) <br />3. Bond Proceeds Expenditure Agreement <br />1W <br />